Pay off the loan faster: When a borrower is refinancing to get a lower interest rate, instead of taking their original 30-year mortgage and refinancing it into another 30-year mortgage, they're able to take their original 30-year mortgage and refinance into a 20-year mortgage, which would potentially keep them on their payoff goal. Thus, they don't have to start all over with a new 30-year mortgage. … [Read more...] about How a 20-year home mortgage can save you a ton of money
20 year fixed refinance rates
The Federal Reserve raised its benchmark rate again this week, the fourth increase this year. The Fed doesn't set mortgage rates, but its decisions influence them. Although Fed Chairman Jerome Powell expressed confidence that the economy is "healthy," he acknowledged that it appears to be slowing. He said there is a "fairly high degree of uncertainty" about what the central bank will do in the coming year. … [Read more...] about Mortgage rates continue their slide, while the Fed raises its benchmark rate
"Anyone who has owned a home for a modest period of time can attest that unexpected expenses are the rule, not the exception. In addition, life brings its own surprises and added expenses," Hamrick says. "For young families, that might include the birth of a child and related added expenses. By boosting your own finances, effectively paying yourself, you'll also be boosting your creditworthiness which can only help one achieve financial goals overall." … [Read more...] about As mortgage rates plunge, should you refinance?
Meanwhile, mortgage applications pulled back. According to the latest data from the Mortgage Bankers Association, the market composite index - a measure of total loan application volume - decreased 3.4% from a week earlier. The refinance index fell 4% from the previous week, while the purchase index also dropped 4%. … [Read more...] about Mortgage rates poised to drop after Federal Reserve announcement
"Mortgage applications decreased for the second consecutive week, but low rates continue to drive activity to much higher levels than earlier this year and last summer," said Bob Broeksmit, MBA president and CEO. "MBA is forecasting for mortgage rates to remain at around 4% through the rest of the year, which is good news for both homeowners looking to refinance and prospective buyers." … [Read more...] about Mortgage rates hold steady despite sinking bond yields